$8.6M refi loan with Deutsche Bank for two properties in Queens

An investor through the entity 175-20 Hillside Ave LLC as borrower signed a refi loan with lender Deutsche Bank through the entity DBR Investments Co. Limited valued at $8.6 million for two properties with 38 residential units including the 38-unit residential walkup building (C1) at 111-17 Northern Boulevard in North Corona, Queens and office building (O5) at 175-20 Hillside Avenue in Jamaica, Queens.
The deal closed on May 9, 2025 and was recorded on June 24, 2025. The prior lender was Flagstar Bank which held debt that had an original loan amount of $6 million.The two properties have 49,813 square feet of built space and 15,743 square feet of additional air rights for a total buildable of 65,576 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $172 and the price per buildable square foot is $131 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for the borrower was Carmelle Bellefleur . The signatory for Deutsche Bank was Peter Castro and Paul Richardson .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 175-20 Hillside Avenue.

Prior sales and revenue

The two properties with a total of 49,813 square feet of built space generated revenue of $1.4 million per year or $27 per square foot.

The property

The office building in Jamaica has 49,813 square feet of built space and 15,743 square feet of additional air rights for a total buildable of 65,576 square feet according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 8,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.8 million. The most recent loan totaled $6 million and was provided by New York Community Bank on March 27, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation and $2,560 in ECB penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $279.2 million in sales volume in the last two years and is the 6th highest in Queens. For development, Jamaica has 1.2 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Queens. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On the tax block of 175-20 Hillside Avenue, PincusCo has identified the owners of seven of the 13 commercial properties representing 19,905 square feet of the 135,050 square feet. The two identified owners are Daniel Group and Carmelle Bellefleur.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 135,050 square feet of built space are elevator buildings, with office buildings next occupying 9 percent of the space.

The borrower

The PincusCo database currently indicates that Carmelle Bellefleur owned at least one commercial property in New York City with 11,520 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from New York Community Bank. The portfolio consists of at least a single office property. It is located in Queens.

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